Minimum Payment Comparison Chart

If you make just the minimum payment on your credit card bills, it can cost you a lot of money.

This chart shows how much you'll pay and how long it will take to become debt-free if you pay a 2 percent monthly minimum payment on your credit card.

$1,000 Credit Card Balance

Interest Rate
12%
13%
14%
15%
16%
17%
18%
19%
20%
Total if you pay monthly minimum (2%)
$1,373
$1,425
$1,482
$1,546
$1,620
$1,704
$1,804
$1,924
$2,073
Years to pay off the loan
5.7
6
6.2
6.4
6.75
7
7.5
8
8.6
Total if you pay monthly minimum plus $10 each month
$1,208
$1,231
$1,255
$1,280
$1,308
$1,336
$1,367
$1,400
$1,435
Years to pay off the loan
3.3
3.42
3.5
3.57
3.63
3.7
3.8
3.9
4
By paying $10 more each month, you save this amount
$165
$194
$227
$266
$312
$368
$437
$524
$638